Shares of CoreWeave's Argentine-listed CEDEAR surged 13.3% to $3.88 on September 8, extending a week-long rally as investors digest blockbuster second-quarter numbers and a guidance raise that outpaced Wall Street expectations — all while the broader market traded lower.
• Revenue Doubled, but Losses Doubled Too
Q2 revenue hit $2.58 billion, beating consensus of $2.56 billion, with sales climbing 112% year over year. That's the headline. The fine print: net losses widened to $626 million from $290 million a year earlier, driven largely by surging interest costs.
Net interest expense reached $640 million in the quarter — more than double a year ago — meaning CoreWeave spent more on debt payments than it lost overall. The company is growing fast but financing that growth at a steep price.
• A $104 Billion Order Book That Keeps Growing
The revenue backlog — essentially future revenue customers have signed contracts for — reached about $104 billion as of June 30, up from $30.1 billion a year earlier.
Against current guidance, that backlog represents roughly eight years of revenue at this year's run rate.
And it's accelerating: CoreWeave booked more than $25 billion in net new commitments in early Q3 alone, a figure the $104 billion doesn't include. Marquee customers are stacking up — Meta signed a $21 billion deal for AI cloud capacity through 2032 , and Anthropic committed to a multi-year agreement for its Claude AI models.
• Guidance Rose, but So Did the CapEx Bill
Management now projects 2026 revenue of $12.4 billion to $13.2 billion, up from the prior $12 billion to $13 billion range.
To deliver, the company expects $35 billion to $39 billion in capital spending this year — up from the prior forecast of $31 billion to $35 billion.
CoreWeave is sitting on roughly $35 billion in debt. Every dollar of future revenue depends on building data centers, installing next-generation chips, and keeping creditors comfortable.
• The Valuation Riddle: Contract-Rich, Cash-Poor
At a market cap near $59 billion after the August earnings pop, the stock traded at about 56 cents per dollar of contracted future revenue. That looks cheap — until you factor in execution risk. Whether CoreWeave can convert its massive backlog into recognized revenue without material delays or cost overruns will determine if the discount is justified. CEO Michael Intrator's appearance at the Goldman Sachs conference later today could provide the next catalyst — or the next reality check.